Art Sells Real Estate

Art selling real estate has become a perennial topic in London and LA. It’s worth revisiting as the Telegraph explains that the Park Crescent developer in London used last year’s Frieze to move a half dozen apartments in a slow market by packing the building with pictures.

The Telegraph also tells us that there is “hard evidence that the prices of properties near important museums and galleries are soaring.”

Andrew Kafkaris of Bruton Street Management, which looks after prime London properties, says: “In the 18th century many great houses were built around the works of art, collected by people taking the grand tour of Europe. We are returning to that situation today, with homes being built or refurbished around art collections.”